From winemakers in California to startups across the Atlantic Ocean, companies are scrambling to figure out how to manage their finances after Silicon Valley Bank suddenly shut down Friday.
From winemakers in California to startups across the Atlantic Ocean, companies are scrambling to figure out how to manage their finances afterFriday. The meltdown means distress not only for businesses but also for all their workers whose paychecks may get tied up in the chaos.
Across the Atlantic, startup companies woke up Saturday to find SVB's U.K. business will stop making payments or accepting deposits. The Bank of England said late Friday that it will put Silicon Valley Bank UK in its insolvency procedure, which will pay out eligible depositors up to 170,000 British pounds for joint accounts"as quickly as possible."
"They really understand the wine business," Hirsch said."The disappearance of this bank, as one of the most important lenders, is absolutely going to have an effect on the wine industry, especially in an environment where interest rates have gone up." Co-founder David Murray credits an email from one of Confirm's venture capital investors, which urged the company to withdraw its funds"immediately," citing signs of a run on the bank. Such actions accelerated the flight of cash, which led to the bank's collapse.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Column: The Silicon Valley Bank collapse is Silicon Valley's problem, not yours'Based on the information that has been made public, the bank unwisely put its eggs in one basket by taking deposits from an insular group of depositors: venture-funded startups.' Column by hiltzikm:
Read more »
Silicon Valley Bank Rocked, Bank Shares PlummetA financial free fall is happening right now in the Bay Area. One of the most trusted local banks is in trouble and now there’s growing concern that some companies are withdrawing their funds, which could spell doom.
Read more »
Bank stocks plunge after implosions at Silicon Valley Bank and SilvergateBank stocks plunge after implosions at Silicon Valley Bank and Silvergate Capital send 'shock waves' through the sector
Read more »
Silicon Valley Bank drops another 45%, weighing on the bank sector againShares of SVB Financial Group, known as Silicon Valley Bank, tumbled for a second day Friday and weighed on the whole banking sector again.
Read more »
Silicon Valley Bank drops another 60%, weighs on the bank sector againShares of SVB Financial Group, known as Silicon Valley Bank, tumbled for a second day Friday and weighed on the whole banking sector again.
Read more »
First Republic leads regional bank rout as Silicon Valley Bank crisis raises fears about bond lossesFirst Republic leads rout in regional banks as SVB crisis raises fears about bond losses
Read more »